Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, at the Government Summit in Dubai. Reem Mohammed / The National
Sheikh Abdullah bin Zayed, Minister of Foreign Affairs, at the Government Summit in Dubai. Reem Mohammed / The National

UAE’s openness is the key to its success, Sheikh Abdullah says



DUBAI // The UAE’s openness to the rest of the world and investment in education and knowledge has allowed it to reach its current level of success, Sheikh Abdullah bin Zayed said on Tuesday.

The Minister of Foreign Affairs said the UAE’s import and export of talent had led it to overcome regional challenges and achieve great developments.

“When the UAE was established, about 50 per cent of men and only a third of women knew how to read and write,” he said during his speech, entitled #WeTheUAE, at the Government Summit. “But now, 90 per cent of them are highly educated and that has been the result of the educational system’s development.”

In addition to the more than 1,200 education establishments, the UAE has also focused on health care.

“You see institutions with the best equipment,” he said. “We have 2,200 state-of-the-art establishments that provide the best health care and focus on the human being, which is the most important resource.”

He showed a video of a young Emirati woman from Zayed University who travelled to Malawi to build houses and Cambodia to develop education and improve living conditions, to break the stereotype of Arabs and Muslims.

“This is the spirit of our people,” Sheikh Abdullah said. “No obstacle can impede us. We’re a very open people that sees, in challenges, opportunities to achieve more.”

He said none of these advances would have been possible without the central role of women.

“They are the main partner of men in the UAE’s advancement and will keep ensuring its future success,” he said. “In 1973, the first women’s association was established, headed by my mother, Sheikha Fatima, and since then, huge achievements were made in the UAE’s empowerment. Women were able to access all fields, so it wasn’t just a slogan.

It became a reality and that’s why we are very proud to say #WeAreTheUAE.”

Sheikh Abdullah said the decision to develop a modern country attracted global intellectuals, while other countries suffered from a brain drain.

“The UAE created a new concept,” he said. “The total population increased 30-fold and we will always be an open nation and a hub that attracts all skills and competencies.”

The UAE has diplomatic relations with 107 countries.

“The UAE’s foreign policy is based on positive attitudes and building bridges while the world today, in current circumstances, is going [the other way],” he said. “It reinforced our capacity to attract the best around the world.”

This openness has also allowed it to improve its economy by 236 times since the country’s creation.

“The UAE has now become a network and a hub for air and sea,” he said. “It’s the hub for more than 25 per cent of the 500 biggest multinationals worldwide and it’ll keep going forward because of huge projects with the government and the private sector in tourism, economy, transport and renewable energy.”

He said the country would still be investing in its youth and knowledge when the last oil barrel is gone.

“Oil today represents less than a third of the GDP, in a country which produces approximately three million barrels [a day],” Sheikh Abdullah said.

“It was the main source of income in the UAE’s first years but now 8.1 per cent of the GDP comes from tourism and 15 per cent from the industry.”

He said the country was ranked first at providing grants and support to countries worldwide. In the past two years, its foreign aid quadrupled.

“We are now the first supporting country for Egypt,” he added. “Stability of the Arab world is based on Egypt’s stability.”

The import and export of talent remained key.

“Today we are building for us, and all those living on our land, a present and a future and, God willing, it will always be built on stability and security,” he said.

“The UAE’s success story is one of every individual that treaded this land and we wouldn’t have reached it without our guests who came from around the world. We can’t live isolated and it is our duty as Arabs and Muslims to be open and help countries for the advancement of humanity.”

cmalek@thenational.ae

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  • Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
  • Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
  • For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
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  • Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
  • Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
  • Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz

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Will the pound fall to parity with the dollar?

The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.

Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.

New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.

“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.

The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.

The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.

Bloomberg

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